Wei Wang found himself in hot water when authorities discovered his elaborate money laundering scheme involving millions of dollars being deposited into multiple bank accounts through $10,000 installments.
“They were wrong about that,” remarked crown prosecutor Michael Wilson during Wang’s County Court hearing in Melbourne.
The 35-year-old pleaded guilty to charges totaling over $33 million in suspicious funds from criminal activities.
Operating a money remittance business, Wang received cash from customers and deposited it into various bank accounts under different names to evade legal reporting requirements.
He employed a “money runner” to deposit cash at ATMs, totaling transactions worth millions into clients’ overseas accounts for a commission.
Despite claiming financial problems as the motive, Wang faces deportation and possible jail time, with sentencing scheduled for November 1.